DPE granted Navratna status to National Fertilizers Limited(NFL)On 18th April 2024, the Department of Public Enterprise(DPE) under the Ministry of Finance has granted the Navratna status to National Fertilizers Limited(NFL).
- The up gradation of NFL from Miniratna-I to Navratna status was done under Regulation 30 read with schedule III of SEBI(Listing Obligations and Disclosure Requirements(LODR))Regulations, 2015.
About National Fertilizers Limited(NFL):
Chairman and Managing Director(CMD)- U Saravanan
Headquarters- Noida, Uttar Pradesh
Established in August 1974
CAG of India & Bulgarian National Audit Office signed MoU to Enhance Audit ExpertiseThe Comptroller and Auditor General of India (CAG) signed a Memorandum of Understanding (MoU) with Bulgarian National Audit Office (BNAO) in Sofia, Bulgaria to foster international cooperation.
Key People: The agreement between the Supreme Audit Institutions (SAI) of India and Bulgaria was signed in the presence of Goritsa-Grancharova-Kozhareva, Acting President of the BNAO and Girish Chandra Murmu is the current CAG of India.
About the MoU:
Aim: To enhance collaboration and exchange of expertise in the field of auditing between India and Bulgaria.
Significance:
i.Under this MoU, a platform will be established for the exchange of knowledge and experience amongst auditing professionals and technical teams through collaboration in training programs and mutual assistance in conducting audit.
ii.The signing of MoU marks a major milestone which will help in bolstering ties and collaboration among the SAIs of India and Bulgaria.
About Bulgaria:
President- Rumen Radev
Prime Minister (PM)- Dimitar Glavchev
Capital- Sofia
Currency- Bulgarian Lev (BGN)
IRDAI Celebrates Silver Jubilee on 19th April 2024The Insurance Regulatory and Development Authority of India (IRDAI), the statutory body of insurance companies and intermediaries in India, marked the celebration of its Silver Jubilee(25 year) on 19th April 2024.
IRDAI was formed as a statutory body under the IRDAI Act, 1999 and was incorporated on 19th April 2000.
IRDAI Removes Age Limits on Health Insurance Purchase
IRDAI has removed the age cap on buying health insurance policies, effective from 1st April 2024. Now anyone, regardless of age, is eligible to purchase new health insurance.
About the Insurance Regulatory and Development Authority of India (IRDAI):
Chairman– Debasish Panda
Headquarters– Hyderabad, Telangana
NBBL and SBI introduce NCMC recharge on Bharat BillPay
NPCI Bharat BillPay Ltd. (NBBL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), in association with the State Bank of India (SBI), has onboarded the SBI National Common Mobility Card (NCMC) on its Bharat BillPay platform for the convenience of travellers.
- The introduction of NCMC Recharge as Bharat BillPay’s biller category will enable customers to recharge or top up their cards online.
- Customers can top up their NCMC cards with up to Rs. 10,000 online through Bharat BillPay-enabled platforms, supporting various methods such as prepaid, debit, and credit cards.
- SBI NCMC cardholders can get the instant and secure option of topping up their wallets via SBI Unipay and all other Bharat BillPay-enabled digital front-end platforms.
Note: SBI launches its NCMC Prepaid Card in September 2023 to facilitate easy digital ticketing fare payments in metros, buses, water ferries, parking, and more through a single card.
Aegon Life Insurance Renamed as Bandhan Life by BFHL
Bandhan Financial Holdings Limited (BFHL), the promoter of Bandhan Bank, has renamed Aegon Life Insurance as Bandhan Life.
- The new logo (growing ‘bud’) and the tagline ‘Bharat Ki Udaan, Bandhan Se’ also unveiled.
- BFHL completed the acquisition of Aegon Life Insurance from Aegon India Holding B.V. and Bennett, Coleman & Company Limited(BCCL) in February 2024.
CRED Receives in-principle Approval from RBI for Payment Aggregator Licence
CRED, a Bengaluru (Karnataka) based fintech unicorn company, has received in-principle approval from the Reserve Bank of India (RBI) for the payment aggregator (PA) licence.
- It usually takes about six months after the in-principle nod for a company to get the final approval from the RBI.
- Payment aggregators provide secure online payment systems and solutions to merchants.
Note:Juspay Technologies Private Limited(Juspay), Decfin Tech Private Limited (Decfin), and Zoho Payment Technologies Private Limited (Zoho) received their final PA license in February 2024.
ReNew & JERA Partners to Jointly Evaluate Green Ammonia Projects in OdishaOn April 18, 2024, ReNew Energy Global PLC (ReNew) and JERA Co. Inc., Japan’s largest power generation company, have signed an initial agreement to assess a green ammonia production project in Odisha.
- This is in line with with India’s ambitious National Green Hydrogen Mission(NGHM) and Japan’s clean energy transition goals.
- India aims to produce 5 million tonnes of green hydrogen per year by 2030.
About the Partnership:
i.ReNew, through its subsidiary ReNew E-Fuels Private Limited, and JERA will jointly evaluate a green ammonia production project in Paradip, Odisha.
ii.This project will utilize 500 Mega Watt (MW) of high-capacity utilisation factor (CUF) renewable energy to produce green hydrogen.
iii.The project aims to produce approximately 100,000 tonnes of green ammonia annually by 2030.
iv.JERA will have the right to import this green ammonia for Japan, supporting its clean energy transition.
Additional info:
i.In 2022, ReNew signed a framework agreement with the Government of Egypt for USD 8 billion investment in a green hydrogen plant in the Suez Canal Economic Zone.
ii.ReNew has a Joint Venture (JV), GH4India Pvt Ltd, with Indian Oil Ltd and Larsen & Toubro (L&T) to establish a green hydrogen business.
About ReNew Energy Global PLC (ReNew):
Founder, Chairman & CEO– Sumant Sinha
Headquarter– Gurugram, Haryana
Establishment– 2011
IREDA setup new office in GIFT City to promote renewable energy projects in foreign currenciesThe Indian Renewable Energy Development Agency(IREDA) has established a new office in GIFT City (Gujarat International Finance Tec-City) in Gandhinagar, Gujarat.
- This will facilitate the financing of renewable and green hydrogen projects in foreign currencies and thereby, reducing financial cost for renewable and green hydrogen projects.
Significance:
i.This new initiative will play pivotal role in the implementation of National Green Hydrogen Mission of India which aims to produce hydrogen of more than 5 million Metric Tonnes Per Annum (MTPA) by 2030.
ii.It is estimated that India’s storage capacity to around 400 GigaWatts-hour (GWh) by 2030-32 with an investment of Rs 3.5 lakh crore.
Background :
i.The announcement was made during the panel discussion at the World Future Energy Summit2024 held in Abu Dhabi, the United Arab Emirates(UAE).
ii.In February 2024, IREDA received Reserve Bank of India(RBI) approval to establish its wholly-owned subsidiary at International Financial Services Centre (IFSC) in GIFT City, Gujarat.
About Indian Renewable Energy Development Agency(IREDA):
IREDA is Mini Ratna Category-I company which comes under the Ministry of New and Renewable Energy(MNRE).
Chairman and Managing Director(CMD)- Pradip Kumar Das
Headquarters- New Delhi, Delhi
Established in 1987
Vice Admiral Dinesh Kumar Tripathi appointed as 26th Chief of Naval StaffGovernment of India (GoI) has announced the appointment of Vice Admiral Dinesh Kumar (DK) Tripathi as the 26th Chief of the Naval Staff(CNS) of the Indian Navy. He is currently serving as Vice Chief of the Naval Staff.
- He will take charge from Admiral Radhakrishnan Hari Kumar, the present CNS who is set to retire on 30th April 2024.
Note: R.Hari was appointed as 25th CNS on 9th November 2021.
About Dinesh Kumar Tripathi:
i.Vice Admiral DK Tripathi was born on 15th May 1964 and joined the Executive Branch of the Indian Navy on 1st July 1985.
ii.Vice Admiral DK Tripathi, a communication and electronic war specialist, has had a long distinguished career in Indian Navy spanning over almost 4 decades.
iii.He has served as the Fleet Operations officer of the Western Fleet, Director of Naval Operations and as Principal Director, Network Centre Operations and Principal Director, Naval Plans in New Delhi, Delhi.
- He has commanded Indian Naval Ships (INS): Trishul, Vinash and Kirch.
vi.As the Rear Admiral of Indian Navy, he served as the Assistant Chief of Navy Staff (Policy and Plans) and the Flag Officer Commanding Eastern Fleet.
- He was Director General(DG) of Naval Operations from July 2020 to May 2021.
vii.He also served as Commandant of the Indian Naval Academy (INA), Ezhimala, Kerala.
Awards:
i.He was honoured with the Ati Vishisht Seva Medal(AVSM) and Nausena Medal(NM) for his contributions to the Indian Navy.
ii.During his time at Defence Services Staff College, Wellington, Tamil Nadu(TN) he was bestowed with Thimmaiah Medal.
iii.While pursuing Naval Higher Command Course at Naval Command at United States Naval War College(2007-08), he was awarded with prestigious Robert E Bateman International Prize.
ACC Approves Appointment Nalin Prabhat as DG of NSG & Sapna Tiwari as Special Director of IBThe Appointments Committee of the Cabinet (ACC) has approved the appointment of Nalin Prabhat as the Director-General (D-G) of National Security Guard (NSG) till the date of his superannuation (31st August 2028).
- ACC has also approved the appointment of Sapna Tiwari as the Special Director in Intelligence Bureau(IB) for 2 years from the date of assumption of charge or up to the date of her superannuation(30th April 2026).
Nalin Prabhat appointed as DG of NSG:
i.He is a 1992 batch Indian Police Service (IPS) officer of Andhra Pradesh cadre.
ii.He is currently serving as Additional Director General (ADG) in Central Reserve Police Force (CRPF) in Jammu & Kashmir (J&K).
iii.He will succeeds Daljit Singh Chaudhary, who has been serving as DG (additional charge) of NSG since February 2024 upon superannuation of M A Ganapathy.
- Chaudhary is serving as the DG of Sashatra Seema Bal (SSB).
Sapna Tiwari appointed as Special Director in IB:
i.Sapna Tiwari is a 1992 batch IPS officer of Odisha cadre.
ii.She is currently serving as Additional Director General (ADG) of the IB.
iii.She was appointed as Special Director of IB (Level-16 in pay matrix) on an ‘in-situ’ basis by temporarily upgrading the post of Additional Director
National Security Guard(NSG):
NSG is a counter-terrorism agency of India and also, known as Black Cats. It is under the administrative control of Ministry of Home Affairs. It is formed under National Security Guard(NSG) Act, 1986.
Headquarters– New Delhi, Delhi
About Intelligence Bureau(IB):
Director- Tapan Deka
Headquarters- New Delhi, Delhi
Formed in – 1887
RBI Approves Appointment of Ajith Kumar KK as MD & CEO of Dhanlaxmi Bank
The Reserve Bank of India (RBI) has approved the appointment of Ajith Kumar KK as the Managing Director (MD) and Chief Executive Officer (CEO) of Dhanlaxmi Bank for 3 years with effect from the date of taking charge.
- Ajith Kumar KK is set to succeed J.K.Shivan, whose term was scheduled to conclude on 29 January 2024.
- The RBI had earlier approved the extension of Shivan’s tenure as MD & CEO of the bank until a suitable successor was appointed.
Note: Dhanlaxmi Bank’s board of directors will convene a meeting in due course to officially approve the appointment of Ajith Kumar K.K., subject to shareholders approval as per regulatory requirements.
About Ajith Kumar KK:
i.He is a seasoned banker with over 36 years of experience with the Federal Bank Ltd the bank, including in credit, business, human resources, branch banking, etc.
- Currently, he is the Chief Human Resources Officer (CHRO) at Federal Bank Ltd in the cadre of President.
ii.He joined the Federal Bank Ltd in 1987 as a Probationary Agricultural Officer.
iii.He oversees Human Resources (HR), Corporate Services, and Corporate Social Responsibility (CSR) at the Federal Bank.
iv.In 2019, he was appointed as an Additional Director of Federal Operations & Services Limited, a wholly-owned subsidiary of Federal Bank Ltd.
v.Currently, he is also the Non-Executive Director of Federal Operations & Services Limited.
About Dhanlaxmi Bank Ltd:
MD & CEO– J.K.Shivan (As of 20 April 2024)
Headquarters– Thrissur, Kerala
Incorporated in– 1927
Keki M Mistry Took Charge as New Chairman of HDFC Life InsuranceInsurance Regulatory and Development Authority of India (IRDAI) approves the appointment of Keki M Mistry as the new Chairman of the board of HDFC Life Insurance Company Limited (HDFC Life).
- The appointment follows the resignation of Deepak Parekh as the Chairman and Non-Executive Director of HDFC Life.
- HDFC Life is a leading long-term life insurance solution provider in India.
Note: In 2006, the Government of India (GoI) honoured Deepak S. Parekh with the Padma Bhushan for the category of Trade and Industry.
Other Appointments:
i.On 18 April 2024, Venkatraman Srinivasan took charge as an Additional – Independent Director of HDFC Life for a term of 5 years.
- He is eligible to hold the office of Director without any disqualifications from the Securities and Exchange Board of India (SEBI) or relevant authorities.
ii.VK Viswanathan and Prasad Chandran will complete their 2 consecutive terms (5 years each) as Independent Directors of HDFC Life on 24 April 2024.
About Keki M Mistry:
i.In 1981, he joined HDFC Ltd (erstwhile Housing Development Finance Corporation Limited), India’s premier housing finance company. In 1993 he was appointed as Executive Director.
ii.He was appointed as:
- Managing Director (MD) of HDFC Ltd. in 2000;
- Re-designated as the Vice Chairman & MD in 2007; and
- Vice-Chairman & Chief Executive Officer (CEO) of the Corporation in 2010.
iii.With the amalgamation of HDFC Ltd with HDFC Bank, he superannuated from HDFC Ltd and has been appointed as a Non-Executive Director on the Board of HDFC Bank Ltd.
iv.With his position as Chairman, currently, he is also a Non-Executive Director of HDFC Life.
About HDFC Insurance Company Limited (HDFC Life):
MD & CEO– Ms. Vibha Padalkar
Headquarters– Mumbai, Maharashtra
Established in– 2000
Tagline– Sar Utha Ke Jiyo!
India delivers First Batch of BrahMos Supersonic Missiles to PhilippinesOn April 19, 2024, India delivered the first batch of BrahMos supersonic cruise missiles to the Philippines. This delivery marks a significant milestone in defense cooperation between the two nations, following a USD 375 million deal signed in January 2022.
Key Points:
i.BrahMos supersonic cruise missiles is produced by BrahMos Aerospace Pvt Ltd which is a joint venture (JV) between the Defence Research and Development Organisation (DRDO) and the Russian Federation’s NPO Mashinostroyeniya.
ii.The deal made Philippines the first export customer for the BrahMos missile, as part of its Horizon 2 of the Revised Armed Forces Modernization Programme.
iii.The agreement includes three batteries of shore-based, anti-ship variant BrahMos missiles, along with operator training and integrated logistics support.
iv.Its speed is 2.8 Mach, with a flight range of 290 kilometers. The missile’s range has been extended to 450km and efforts are underway to further extend it to 600 Km.
v.The Indian Air Force (IAF) utilized its C-17 Globemaster transport aircraft to transport the BrahMos missiles to the Philippines.
vi.Operator training for 21 personnel of the Philippine Navy was successfully conducted in February 2023, in Nagpur, India.
vii.BrahMos missiles uses Transport Launch Canister (TLC) for transportation, storage, and launch.
DRDO Hands Over Indigenous Flight Control Systems for HAL’s LCA Tejas Mk1A
The Aeronautical Development Agency (ADA) of the Defence Research and Development Organisation (DRDO) has handed over the first batch of the indigenous Leading Edge Slat Actuators and Airbrake Control Module to Hindustan Aeronautics Limited (HAL) for using it in LCA Tejas Mk1A fighter aircraft.
- ADA developed these components in collaboration with Research Centre Imarat (RCI), Hyderabad, Telangana, and Central Manufacturing Technology Institute (CMTI), Bengaluru, Karnataka.
- The critical components ‘Leading Edge Actuators’ and ‘Airbrake Control Module’ are part of the LCA-Tejas’s secondary flight control system and strengthen Servo-Valve based electro-hydraulic servo actuators and control modules.
Note:In aircraft, actuators are used to control and limit velocity and engine speed by adjusting levers and flaps.
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